Tech News

Spotify and the NFTs world: this would be the new function for artists

Spotify and NFTs. (photo: GrooveNews)
Spotify and NFTs. (photo: GrooveNews)

Spotify He’s not at his best, that’s for sure. But, Today it is known that the music streaming platform wants to bet on integration non-fungible tokens (NFTs) as part of the experience offered to users from their applicationadding to the growing trend for NFTs on many social platforms.

[article_mb_code]

In the case of Spotify, the platform is testing whether artists can offer NFT collections from their site in addition to the musical themes, events and other elements that they currently offer to users.

At the moment, Spotify is testing the feature with a limited group of Spotify users. android devices in the USA, who will be able to access NFTs on the site from artists like Steve Aoki and The Wombats, according to a report from Music Ally.

[article_mb_code]

Spotify’s first steps on the Web3

When a user is previewing an NFT, they can tap on it to see a larger version with a description of it. From the NFT itself you will have an option to ‘see more’ which will take you to the NFT page on OpenSea where you can purchase it.

[article_mb_code]

The fact is that Spotify will provide a static version of NFT, so if it’s an embedded GIF, video or audio, it can only be played from the NFT site on OpenSea.

“Spotify is running a test where it will help a small group of artists promote their existing third-party NFT offerings through their artist profiles,” a spokesman said from the platform to the aforementioned publication.

[article_mb_code]
Spotify. (photo: Getty Images)
Spotify. (photo: Getty Images)

But the test may go forward as a stable feature for all users or, in case of negative results, be forgotten. In this regard, The spokesman notes the following:

“We routinely run a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as important learning.”

What is clear is that in the future it will be a feature that will make a greater difference than its most direct rivals. And it is that It’s been a while since Spotify has been much inclined towards other types of content to distance itself from its most direct rivals.

for now it is unknown if it will extend the tests to other artists on the platform. But what is interesting is that a platform like Spotify also embraces the Web3 as he has been doing Instagram in the last times.

The profits that artists have in the sale of their songs as NFTs exceed those of Spotify

The source of the problem between Spotify and its artists’ war on compensation is the Swedish platform’s algorithm and compensation model.

The point is that the singers charge a percentage for transmission. The algorithm, on the other hand, always favors the most successful pieces, a system that works to the detriment of the most independent musicians. Namely, the more listened to a song, the more present it is in the platform’s recommendation systemswhich makes it unsustainable for many artists.

Magnet Europe. (photo: YouTube)
Magnet Europe. (photo: YouTube)

“I had a person buy my song for the amount that a million views on Spotify would have needed,” he explained to the Bloomberg media. Magnet Europe, a singer-songwriter who has made 22.2 Ether (now worth nearly $60,000), selling five singles and a music video as NFT. “With Spotify I was only earning 300 dollars despite having more than 4 million reproductions. Now USD $60,000″, she added.

According to Water and Music, musicians like Iman Europe have sold 83 million copies via NFT. Independent artists account for 70% of this revenue.

The Grammy Award Winner, John Legend, and a group of entrepreneurs and venture capitalists announced in early this month they will launch a platform for artists to monetize their work using NFT technology.

KEEP READING

Back to top button